Food stamp usage has soared to a new record high of 47,102,780. As of August 2012, 1 in 6.7 people are on food stamps in the United States. That's 15.0% of people living in America are on food assistance. The United States population in middle of August 2012 was 314,484,000 and this figure includes everyone, including Americans overseas. Food stamp usage increased 2.9% from August 2011 and 0.9% from July 2012.
Since October 2007, food stamp usage has increased 74.4%. Population has increased 3.9% during the same time period. That is how badly America is hurting.
A shocking claim was made by various press sources that those at the bottom of the American economic pile have living expenses which are double their income.
The bottom fifth of the U.S. income distribution -- 24.4 million households -- on average earned $10,074 in after-tax annual income and spent $22,001 last year,
The election of Worse and Worser continues. We now know Romney's VP pick, Paul Ryan. Wisconsin Congressman Paul Ryan managed to get the House Budget Committee chair, and has been on a quest to destroy Social Security and Medicare.
What a gift to Obama. Face it folks, we're now stuck with Obama for four more years. AARP alone will surely mount their legions to vote against the Galt/Gekko Replication ticket. Most people know election 2012 is the battle of the billionaires, we sure don't have a say. But now the choice has become astounding. We don't think even the Koch Brothers, with their propaganda armies can turn this tide around.
The Deficit Boogie Men, Medicare and Social Security are once again knocking at the door. The Social Security Trustees just released their annual report. They say social security will run out of money by 2036. This is one year earlier than projected last year. Why the sudden shocking news? Seems the fund projected revenues greater than actual because gee, people have less income than originally thought.
Oh those millionaires, they suffer so. Seems Obama has dusted off some past campaign rhetoric and is now proposing to tax millionaires to pay down the deficit.
President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
Details are sketchy yet it seems to be some sort of alternative minimum tax so millionaires aren't paying glorified capital gains tax rates on their yearly income. Shame Obama caved on letting the Bush tax cuts expire when he had a Democratic Congress.
When investment managers, hedge fund managers receive compensation, it's in the form of stocks, options, which are taxed at a 15% capital gains rate, not the top tier 35% income tax bracket.
Additionally, millionaires don't pay additional social security contribution taxes past $106,800 of their yearly earnings.
To wit, Populist House Democrat Peter Defazio has introduced legislation to raise that cap on social security contributions and stop the attacks and social security defunding attempts:
We all know the United States needs jobs. We need jobs right now! Last week Obama proposed a new Stimulus plan, which we did a first pass on. Unfortunately most press is busy covering superficial politics instead of what is in the bill, how it would be paid for and most importantly, the effectiveness, or lack thereof.
USA today claims the plan is to tax the rich as they put it, or as we put it, close loopholes and tax hedge fund managers, currently living living high off the hog at a 15% tax rate.
Iowa has joined the ranks of crazy, putting first in a straw poll someone out to destroy social security and medicare. This agenda would lead to the biggest increase in abject poverty the United States has ever seen. Meanwhile, Texas Governor Rick Perry is being touted as the new savior of the radical right, proof positive all economic theory comes from God.
This fundamentalist radical right is nothing new. The Tea party is simply the moral majority, wrapped in a new bow.
What is new is the bold faced economic fiction being spun right, left and center. It's like the idea that Creationism is equal to Evolution and the biological sciences has invaded the world of Economics, Mathematics and Statistics.
We are re-entering the dark ages. Down is up, left is right and if you float in water, you must be a witch. Most economists know in a severe recession increasing government spending to take up the slack in demand is a good thing to do. Yet, a group of crazies have kidnapped the national discourse and demanded public policy to cut government spending in a time of very weak economic demand. Once again, up is down and down is up.
The election of Worse and Worser continues. We now know Romney's VP pick, 
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.
Oh those millionaires, they suffer so. Seems Obama has dusted off some past campaign rhetoric and is now proposing to 
We all know the United States needs jobs. We need jobs right now! Last week Obama proposed a new Stimulus plan, which we did a 
Iowa has joined the ranks of crazy, putting first in a straw poll someone out to destroy
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